Brown Gibbons Lang Real Estate Partners Sells 41,125 SF Self Storage Property in Savannah, GA

Jennifer D. Stein

TAMPA, FL - Brown Gibbons Lang Real Estate Partners (BGLRP) completed the sale of a self storage facility, totaling 41,125 square feet in Savannah, Georgia. SecurCare acquired 15050 Abercorn Street, Savannah, Georgia in late June 2014.

The seller, was represented by Jay J. Crotty, Thomas A. Doyle and Jennifer D. Stein, with BGLRP's national self storage group. The buyer was secured in-house.

"This transaction represents yet another example of the ongoing consolidation of our industry, with a local operator selling to a larger, national operator. We are happy for our client, as he was able to capitalize on a very favorable market for selling self storage assets," states Jay J. Crotty.

Jay J. Crotty

The 41,125 square-foot facility was constructed in 1987, expanded in 1991, and contains a total of 306 non-climate controlled storage units with 46 rentable parking spaces for RV and boat storage.

Located in a growing submarket off a major road in Savannah, this property has additional land for expansion. Amenities at the property include: perimeter fencing, on-site video surveillance, and a central management office.

BGLRP's Self Storage Group takes a methodical, systematic approach to the business of self storage investment sales, ensuring that every detail gets attended to during the transaction and no stone goes unturned.

Thomas A. Doyle

We work hard to understand the needs, objectives and goals of our clients and work together to implement a strategy tailored to each individual client. We collaborate with our clients by executing open and candid communication.

  

For a complete copy of the company’s news release, please contact:

Tom Doyle | Associate

Brown Gibbons Lang | Real Estate Partners

T: 813.712.8767 | E: tdoyle@bglco.com

FL RE Salesperson | LIC # SL3093911

 

Jay Crotty | Sr Vice President

Brown Gibbons Lang | Real Estate Partners

T: 813.712.8767 | E: jcrotty@bglco.com

FL RE Broker | LIC # 3061418

 

Jennifer Stein | Senior Advisor

Brown Gibbons Lang | Real Estate Partners

T: 213.446.5366 | E: jstein@bglco.com

GA RE Broker | LIC # 348812

Chatham Lodging Announces Second Quarter Earnings Call on Tuesday, Aug. 5, 2014

Jeffrey H. Fisher

PALM BEACH, FL,  July 21, 2014—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium-branded select-service hotels, today announced that it will report second quarter 2014 financial results on Tuesday, August 5, 2014, before the opening of the market. 

That same day at 10:00 a.m. ET, Jeffrey H. Fisher, Chatham’s chief executive officer, and Dennis M. Craven, its chief financial officer, will host a conference call to review second quarter 2014 financial results.

Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Chatham’s Web site, www.chathamlodgingtrust.com, or www.streetevents.com, or may participate in the conference call by dialing 1-888-299-7209 reference number 8711670. 

Dennis M. Craven

A recording of the call will be available by telephone until 1 p.m. ET on Tuesday, August 12, 2014, by dialing 1-888-203-1112, reference number 8711670.  A replay of the conference call will be posted on Chatham’s website.

For a complete copy of the company’s news release, please contact:

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

$46.36 million loan secured by HFF for northern New Jersey office property

Center 78 Office Building, Warren, NJ

FLORHAM PARK, NJ – HFF announced today that it has secured a $46.36 million loan for Center 78, a 371,680 -square-foot, Class A office property in Warren, New Jersey.

                Working exclusively on behalf of Normandy Real Estate Partners, HFF placed the three-year, floating-rate loan with Square Mile Capital Management, LLC.

Center 78 is located at 184 Liberty Corner Road just north of Interstate 78 about 30 miles west of New York City.  The LEED Gold certified property was originally built in 1982 and was renovated between 2012 and 2013. 

The HFF team representing the borrower was led by senior managing director Jon Mikula and associate director Michael Lachs.

John Mikula

“Center 78 is an excellent example of how a building can be totally renovated and creatively reconfigured to attract new high-quality, discerning tenants.  Normandy has done just that,” said Mikula.

“Like Normandy, Square Mile has a long and successful track record as an equity investor in commercial real estate assets that require repositioning in order to unlock hidden value,” said Square Mile Vice President Matt Drummond. 

“With the recent launch of Square Mile’s senior loan origination platform, we now are utilizing our firm’s proven real estate and structuring expertise to serve institutional and entrepreneurial borrowers as a direct lender.  Center 78 was a perfect fit for our loan platform and a prime example of the kind of financing opportunities we are seeking.” 

Normandy Real Estate Partners is a fully integrated real estate investment management company based in Morristown, New Jersey with offices in Boston, New York City, and Washington D.C. 

Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments and representing over $5 billion in asset value.

 For more information visit www.normandyrealty.com

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF arranges $95 million financing for development of 21-story luxury apartment building in Reston, VA

BLVD at Restaton Station Apartments,
 Wiehle-Reston East Metro Station
Reston, VA

WASHINGTON, D.C. – HFF announced today that it has arranged $95 million in financing for the development of BLVD at Reston Station, a 21-story, 448-unit, luxury apartment building atop the entrance of the Wiehle-Reston East Metro Station in Reston, Virginia.

HFF worked on behalf of Comstock Partners to place the 48-month construction loan with Citizens Bank.

Preleasing in late 2015, BLVD at Reston Station will be located atop the entrance of the Wiehle-Reston East Metro Station, which is the last stop on Phase I of the new Silver Line. 

Walter Coker

The building will be the inaugural phase of the Reston Station mixed-use development that will include 550,000 square feet of Class A office space, a 200-room hotel and an additional multi-family residential building.

 All buildings will have integrated retail and will be situated around the urban plaza.  The property’s residential units will average 868 square feet each and will include studio, one-, two- and three-bedroom floor plans. 

Community amenities will include a resort-style rooftop swimming pool, spa-quality fitness facility, yoga room and private entertaining area including a glass fireplace, wet bar, media screen and state-of-the-art billiard room.

The HFF debt placement team was led by Walter Coker and Brian Crivella.

Brian Crivella

“The project received significant interest from lenders as it is a best-in-class development opportunity with institutional sponsorship and is the centerpiece of Comstock’s Reston Station, a mixed-use development, which at full build-out will be more than one million square feet with immediate access to the new Silver Line Wiehle-Reston East Metro Station,” commented Coker.

Comstock Partners, LC ("Comstock") is a privately held real estate enterprise with a focus on urban, mixed-use and transit-oriented developments in the Washington, D.C. region.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF arranges $5.4 million financing for Holiday Inn Daytona Beach

Holiday Inn Daytona Beach, 137 Automall Circle
 Daytona Beach, FL

ORLANDO, FL – HFF announced today that it has arranged $5.4 million in financing for the Holiday Inn Daytona Beach, a 96-room hotel in Daytona Beach, Florida.

Working on behalf of the borrower, Linchris Hotel Corporation, HFF placed the 10-year, fixed-rate loan with MC-Five Mile.  The securitized loan will also be serviced by HFF. 

                The Holiday Inn Daytona Beach is located at 137 Automall Circle, which is just off Interstate 95 at LPGA Blvd. 

  Daytona International Speedway and beach access are within a 15-minute drive, and the two championship golf courses housed at LPGA International is less than five minutes away. 

Greg LaBine

  Opened in 2009, the hotel has 2,300 square feet of meeting space, full restaurant and lounge, outdoor pool and whirlpool, fitness room and business center.  Guests enjoy amenities including flat-screen televisions, refrigerators, microwaves and high-speed wired and wireless Internet.  

                The HFF debt placement team representing the seller was led by managing director Greg LaBine and director Michael Weinberg.

               “Momentum from debt capital providers continues to grow for all major product types in Florida,” Weinberg said.  “We are consistently amazed by the amount of liquidity, particularly the rebound of interest in the hotel sector.”

“Linchris is a tremendous operator and has strong operating margins on their existing Northeast-focused portfolio,” LaBine added.  “Linchris is looking to take their management talent to a new marketplace, and this asset is the first of many they hope to acquire in the southeastern United States.”            

Michael Weinberg

HFF’s Hotel Group has been active in the sale and financing of similar upscale hotels across the country.  In the last 24 months, the firm financed or sold more than $1 billion of hospitality properties in Florida.

                Headquartered in Hanover, Massachusetts, Linchris Hotel Corporation is a hotel management company with an outstanding reputation for high-quality and first-rate service.  The company controls 30 hotels with more than 3,400 rooms.  Find more information on Linchris Hotel Corporation at linchris.com.

MC-Five Mile provides fixed-rate permanent financing to borrowers on commercial real estate assets across the United States and the Caribbean.  MC-Five Mile finances various types of properties including office, retail, multifamily, student housing, industrial, hotel and self storage.  

The company is run by a highly-experienced management team with expertise in all aspects of the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management. 

  Headquartered in New York City, MC-Five Mile was founded as a joint venture between Five Mile Capital Partners LLC and MC Asset Management Holdings, LLC.  Learn more at mcfivemile.com.

  

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF secures financing for 412 Mt. Kemble Avenue office buildings in Morris Township, NJ

Jon Mikula

FLORHAM PARK, NJ - HFF announced today that it has secured $47.5 million in financing for 412 Mt. Kemble Avenue, comprising three interconnected office buildings totaling 477,843 square feet in Morris Township, New Jersey.

HFF placed the three-year, floating-rate loan with Colony Mortgage Capital and CorAmerica.  Keystone Property Group, which acquired the property through a joint venture with Mack-Cali Realty Corporation, plans to make capital improvements to the buildings to enhance their competitive distinction in the Morristown submarket.

Originally built in 1985, 412 Mt. Kemble Avenue is conveniently located in the northern New Jersey office market on Route 202, less than three miles from Interstate 287, providing easy access to New York City, Philadelphia and the surrounding markets. 

Jim Cadranell

The HFF debt placement team was led by senior managing director Jon Mikula, managing director Jim Cadranell and associate director Andrew Roland.

“We were excited to be a part of such an important transaction for the Keystone team,” said Mikula.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Marcus & Millichap Arranges Sale of LA Fitness in Doral, FL for $9.98 Million

                       

LA Fitness, Northwest 41st Street, Doral, FL

 DORAL, FL, July 21, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of LA Fitness, a 37,500 square-foot net-leased fitness center located in Doral, FL. The asset sold for $9,975,000.

Alex D. Zylberglait, a first vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from St. Petersburg Beach, FL, and the buyer, a private investor from Aventura, FL.

“Net-leased properties remain a target of commercial real estate buyers as both a capital preservation vehicle and steady cash-flow investment.  Buyers are looking to maximize returns while cap rates are near historically low levels.  This LA Fitness is one of the best performing locations nationwide and benefits from its location in a densely populated suburban community,” says Zylberglait.

Alex Zylberglait

The 37,500 square foot building is situated on 2.29 acres and is 100 percent leased to LA Fitness.

 Located along Northwest 41st Street, the area's main retail corridor, the property is centrally located between the Palmetto Expressway and Florida's Turnpike and serves the high-income residential community of Doral Park and Costa del Sol. 

Major corporations nearby include: Carnival Cruise Lines, Univision, the Federal Reserve, Samsung, Pespi-Cola and more.

LA Fitness is located at 10055 N.W. 41st Street in Doral, FL.

For a complete copy of the company’s news release, please contact:

Kirk A. Felici

First Vice President/Regional Manager, Miami

(786) 522-7000

EagleBridge Capital Arranges $6.3 Million For Medford, MA Condo Conversion

Rendering of the Residences at St. Francis Condominiums
Medofrd, MA

Boston, MA -- EagleBridge Capital has arranged acquisition/construction financing in the amount of $6,300,000 for the Residences at St. Francis Condominiums currently under construction and located at One St. Clare Road in Medford, Massachusetts.

The mortgage was arranged by EagleBridge principals Brian Sheehan and Ted Sidel. 

The Residences at St. Francis is an 18 unit condominium comprised of units ranging in size from 651 square feet for a one bedroom/one bath unit to 917 to 1453 square feet for two bedroom/two bath units to 1735 to 1835 square feet for three bedroom/three bath units.

Brian Sheehan

Nine of the units will be three-story townhouses with private roof decks.  Finishes will be of the highest quality. Units will include granite countertops, painted solid oak custom cabinets, stainless steel appliances, hardwood floors in the living areas, and. ceramic tile in the bathrooms and kitchens. Parking shall be available for 36 vehicles.

One St. Clare Road’s convenient location will provide its residents with an easy commute to Downtown Boston and the Greater Boston area.  It is 2.5 miles from the MBTA Orange Line Wellington Station.

Ted Sidel

Bus service to the station is located adjacent to the property with Downtown Boston being an 11 minute train ride from Wellington.  The Route I-93 interchange is less than one-half mile to the North and Route I-95 (Route 128)/I93 interchange is just five mile away.

 EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for apartment, condominium, office, industrial, r & d buildings, hotels, and mixed use properties as well as special purpose buildings.

For a complete copy of the company’s news release, please contact:

Stanley J. Sidel

Senior Advisor

EagleBridge Capital

33 Broad Street

Boston, MA 02109

Tel: 617-292-7177 Ext. 14

www.eaglebridgecapital.com

Marcus & Millichap sells vacant south beach retail building for $5.25 million

  

1400 Alton Road, Miami Beach, FL

 MIAMI, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 1400 Alton Road, a two-story, 11,716 square foot vacant retail building, located in Miami Beach, FL. The asset sold for $5,250,000.

Drew A. Kristol and Kirk D. Olson, vice president investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Greenwich, CT. 

Drew A. Kristol

Harrison Rein, an associate, Felipe J. Echarte, a vice president investments, Evan P. Kristol, a senior vice president investments - all in Marcus & Millichap’s Fort Lauderdale office - secured the buyer, a limited liability company from Miami, FL.

“Alton Road retail is very sought after due to the lack of product and the density of high-end condominium projects that line West Avenue along the west side of South Beach.

"Even rarer are corner properties that benefit from the dual exposure. This is a prime opportunity for the investor to stabilize the building with new tenants which will result in strong cash flow upon lease up,” says Drew Kristol.

“The buyer plans to complete major renovations to the property before occupying a portion of the space with his high-end cosmetics and skin care company. He saw this as a phenomenal opportunity to improve the company’s brand recognition by being in close proximity to the Lincoln Road Mall,” adds Rein.

Felipe J. Echarte

1400 Alton Road is a vacant retail property located on the northwest corner of 14th Street and Alton road in the heart of South Beach.

The building totals 11,716 rentable square feet over two floors (8,000 on the ground and 3,716 on the second floor), with an additional 1,296-square foot outdoor terrace.

 Also included in the offering was a 7,500-square foot vacant parking lot zoned RM-3 currently striped for 22 parking spaces.

  

For a complete copy of the company’s news release, please contact:

Kirk Felici

First Vice President/Regional Manager, Miami

(786) 522-7000

South Florida Walgreens Trades Hands for $10.15 Million

Walgreens, SW 127th Avenue and SW 200th Street, Miami 

MIAMI, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 14,820-square-foot Walgreens drugstore in Miami. The $10,150,000 sales price equates to $685 per square foot.

            Scott Sandelin, senior associate and Marcos Puente, associate, both in Marcus & Millichap’s Miami office, represented the seller, a private investor from Miami. Alex Zylberglait, first vice president investments, also in the firm’s Miami office, represented the buyer.

            “Investor demand for Miami retail assets, especially those in prime, close-in locations, has intensified in recent quarters, thanks in part to an influx of foreign and out-of-state capital,” says Sandelin.

Alex Zylberglait

            “With a lot size of 1.66 acres, a drive-thru pharmacy, ample parking and ease of access, this Walgreens is an especially attractive asset,” adds Zylberglait. “The area surrounding the store is a suburban area of Miami composed of mostly single-family homes.”

            The property is located at the signalized intersection of SW 127th Avenue and SW 200th Street (Quail Roost Drive) at 12711 SW 200th St. in Miami. The drugstore is directly in front of a Publix-anchored shopping center that includes tenants such as Payless and Bank of America. More than 19,000 people live within a one-mile radius of the property.

            Walgreens signed a 25-year, triple-net lease on the property in 2009.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

120-Unit Apartment Complex Trades Hands in Gulf Coast Region

Port Royale Apartment Homes, Victoria, TX

VICTORIA, TX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Point Royale Apartment Homes, a 120-unit apartment complex in Victoria, Texas. The terms of the sale were not released.

            Joe James, Kent Myers and J. Patrick Burke, all senior associates in the Austin office of Marcus & Millichap, represented the seller, the property’s developer, and the buyer, a limited liability company.

Joe James

            “Point Royale is a stable, newly constructed asset in a strong secondary market in the heart of the Eagle Ford Shale, South Texas’ largest oil and gas development,” says James. “The interest we are seeing for quality apartments in the region is extremely high due to the economic boom in the area,” adds Myers.

            Built in 2012, the property is located at 4106 North John Stockbauer Drive in Victoria, Texas, which is approximately 30 miles from the Gulf of Mexico and within a two-hour drive of Austin, Corpus Christi, Houston and San Antonio. 

The apartment complex is near the Citizens Medical Center, the Caterpillar Hydraulic Excavator plant, Victoria College and the University of Houston–Victoria.

            Apartments at Point Royale feature a one-, two- or three-bedroom floor plan with washer and dryer, electric appliances, nine-foot ceilings, walk-in closets, crown molding, large windows, private patios/balconies and garden tubs. All units are wired for high-speed Internet and cable television. Community amenities include gated entry, covered parking, on-site management, a swimming pool, fitness center, outdoor kitchen, resident clubhouse and business center.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Berger Commercial Realty’s Joseph Byrnes Negotiates Three Leases Totaling More Than 16,000 Square-Feet of Space at Lauderdale Marketplace in Lauderdale Lakes, FL

Joseph Byrnes

FORT LAUDERDALE, FL – Berger Commercial Realty recently represented  Lauderdale Marketplace Investments in three lease transactions at its Lauderdale Lakes complex.

Broward Health

Berger Commercial Realty Vice President Joseph Byrnes brokered a deal for 5,180 square-feet of retail space leased by Broward Health for a new health clinic located off State Road 7 at 3716 W. Oakland Park Blvd. The real estate firm's property management team oversaw the redesign and renovation of the space, which opened to the public for comprehensive healthcare services on June 9th.

Broward County Commission on Alcoholism

Byrnes also closed a lease renewal for Lauderdale Marketplace Investments with the Broward County Commission on Alcoholism, which is currently occupying 3,226 square-feet of retail space at 3720 W. Oakland Park Blvd.

Value Financial Services

Additionally, Byrnes closed a five-year lease renewal for 8,010 square-feet of retail space, located at 2950 N. State Road 7, with Value Financial Services, a pawn shop operator. The lease commences on Jan. 1, 2015 and will mark 20 years of the tenant's location at Lauderdale Marketplace.

For a complete copy of the company’s news release, please contact:

Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Maury L. Carter and Associates, Inc. Brokers Two Florida Land Sales Totaling 947 Acres

  

Daryl M. Carter

Orlando, Florida – Daryl M. Carter, President of Maury L. Carter & Associates, Inc. brokered the sale of 800 acres in Palm Coast, Flagler County for $3,864,000. The property is located just south of the SR 100 and I-95 interchange and is part of the Grand Landings subdivision.

The sellers were Citation Boulevard Investments, LLC and ML Carter Development Corp (owning 9 lots), and the buyer was JTL Grand Landings Development LLC.

 Daryl M. Carter and Jeffrey R. Douglas with Maury L. Carter & Associates, Inc. represented the Seller and Shaul Baruch and Jim Clendening with Argus Capital represented the buyer.

John Evans

Additionally, Maury L. Carter & Associates, Inc. brokered the sale of 147 acres in Hardee County for $850,000. The property is located on the Peace River and included river frontage and a large home and barn. 

The seller was River Hammock Ranch LLC  and the buyer was Aero Engine International Corp.  Daryl M. Carter and John Evans with Maury L. Carter & Associates, Inc. represented the seller.

Maury L. Carter & Associates, Inc. is an Orlando-based full service commercial real estate firm proficient in commercial real estate investments, asset management, brokerage, and development. The firm's officers combine more than 75 years experience in real estate investments and brokerage.

For a complete copy of the company’s news release, please contact:

Maury L. Carter & Associates, Inc.

3333 S. Orange Avenue, Suite 200, Orlando, FL 32806

407-422-3144

www.maurycarter.com

Cousins Properties Declares Third Quarter Common Stock Dividends

ATLANTA, GA --Cousins Properties Incorporated (NYSE: CUZ) announced that its Board of Directors has declared a regular quarterly cash dividend of $0.075 per common share, payable August 25, 2014, to common stockholders of record on August 11, 2014. The $0.075 per share quarterly dividend equates to $0.30 on an annualized basis.

For a complete copy of the company’s news release, please contact:

Cousins Properties Incorporated

Marli Quesinberry, 404-407-1898

Director of Investor Relations and Corporate Communications

marliquesinberry@cousinsproperties.com

www.cousinsproperties.com

HFF Dallas hires Ben Beaird as director focused on land sales

Dan Beaird

DALLAS, TX – HFF announced Ben Beaird has joined the firm as a director in its Dallas office to focus on land investment sales transactions in the Dallas/Fort Worth market.

               Mr. Beaird has more than 14 years of commercial real estate experience. 

  He joins HFF from Beaird Commercial Realty where he was responsible for business development, acquisition of property for developers and investors, and land dispositions.

  Prior to that, he was the director of economic development for the Greater Dallas Chamber of Commerce.  Mr. Beaird graduated from Hampden-Sydney College with a Bachelor of Science degree.

“The Dallas office has been focused on adding a land specialist to complement our existing sale and finance business in multi-housing, retail, office and industrial product.  We are extremely excited to have added someone of Ben's caliber to our team,” said Andrew Levy, senior managing director and co-head of HFF’s Dallas office. 

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com